Valuation of the project using the real options method

The article discusses the problems of developing and improving the method of evaluating a real option based on the well-known Black-Scholes model. The Black - Scholes model in the appendix to real options makes it possible to determine the projected option value of a project with a certain degree of risk, taking into account the possibility of a flexible reaction of the company to changes in environmental and internal factors that affect the main parameters of the project. As an innovation, it is proposed in the calculations of the value of the underlying asset that is included in the option value to take into account the level of its specificity, calculated according to the method proposed by the authors. Taking into account the specificity of the underlying asset, as shown by model calculations, can improve the accuracy of the option cost estimates and the reasonableness of the investment decision chosen with its account.